Making Home Affordable ~ Does Your Lender Participate?
The Treasury Department announced the eligibility and lender requirements for the Home Affordable Program on November 30, 2009.
They did not say all "lenders" and "servicers" had to participate in this new program that is designed to help home owners who are having trouble or are not able to make their mortgage payments.
To find out if your lender or servicer participates you can do two things. You can call your lender directly to find out if they participate. Or you can go the the Making Home Affordable website and look for your servicer on the list provided.
If you would like to participate in the Making Home Affordable programs you MUST meet FIVE basic eligibility criteria:
1) The loan must be for your primary residence
2) First lien originated before 2009
3) You are delinquent or in default because of a reasonable cause or foreseeable (loss of income)
4) Unpaid balance cannot exceed $729,750
5) Your total monthly payment exceeds 31% of your gross income.
The Making Home Affordable plan is designed to help homeowners avoid a foreclosure on their primary residence. To find out out more information go to www.makinghomeaffordable.gov or feel free to contact me for further information.
Making Home Affordable Plan ~ Does your lender participate?
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REALTOR®
Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
Ferrari-Lund Real Estate
775.846.5424
